| mercurial333 | 09-08-2011 01:43 AM |
How to handle taxes with stealth account ?
This is a bit more tricky, as this is a real account.
The tax situation will probably come in 2012 with this account ( if everything goes smoothly ), since it was only recently started, and it will definitely not go over 200/20.000$ this year.
I'm trying to figure out how to approach it.
Facts:
Account is real with ssn but is not mine.
I pay taxes when I buy my products, on 90% of my products I get charged sales tax.
I will be going with that person to the tax guy, and I will pay taxes from my own pocket for her.
1. My question is, since I already pay tax on most of my products, would there be a tax deduction?
2. The other problem is, the Invoices are obviously on my name ( I buy the products with my credit card ). Does the IRS require from her to provide proof of purchase to show that she paid taxes on the products when she bought them, or is proof not required?
If proof is required from her, she would most likely open a bank account for me to use her credit/debit card to purchase inventory. I just want to know if it's necessary. | 
